First-time buyer demand boosts July mortgage figures
First-time home buyer demand has remained strong despite ongoing political and economic uncertainty.
Mortgages for buyers making their first step on to the property ladder in July increased 5.8 per cent compared to the same month last year.
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The number of homemover mortgages also increased 1.4 per cent to 32,710, according to the latest data from UK Finance.
Meanwhile, there were 5,800 new buy-to-let home purchase mortgages in July, an increase of 5.5 per cent.
Remortgages with additional borrowing slumped 7.1 per cent in July, while pound-for-pound remortgages also fell 12.9 per cent.
UK Finance said the slump was driven by a fall in the number of fixed-rate mortgages coming to an end and the growing popularity of product transfers.
Legal & General Mortgage Club director Kevin Roberts said: “Despite current circumstances it is good news to see the number of first-time buyers and home movers up on last year.
“We have seen mortgage advisers continue to work with borrowers to find the great mortgage deals that are available, given the competitive state of the mortgage market right now.”
Springbok Properties chief executive Shepherd Ncube added: “Strong buyer demand is continuing to drive the UK property market and this is being led by our army of aspirational first-time buyers, which is great to see.
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“Undeterred by Brexit angst and spurred on by the dream of homeownership, this demand has been fuelled by the continued affordability of mortgage products, a wider slow in the rate of house price growth and a steady uplift in earnings.
“All of which have combined to create almost ideal conditions to take that first step on the ladder.”
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